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Personal Injury Settlement Preservation Trusts

Studies show that over 90 percent of the time a person receiving a personal injury settlement dissipates the funds within five years.[1] There are three reasons why this is true.  The first reason is that most people are not good money managers.  Many people who are victims of personal injuries have never had money and…

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Medicaid Planning After Reform

by Thomas D. Begley, Jr., CELA and Andrew H. Hook, CELA, CFP On February 8, 2006, President Bush signed the Deficit Reduction Act of 2005 (ADRA@). 1 The effect of this legislation has made it more difficult for persons to become eligible for Medicaid. Unfortunately, the federal and state governments save money at the expense…

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Medicaid Trusts

1. Medicaid-Qualifying Trusts Trusts established and funded on or before August 10, 1993, are governed by the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and trusts established and funded after August 10, 1993, are governed by OBRA-93.  42 U.S.C. § 1396a(k) and 1396p. A Medicaid-Qualifying Trust (MQT) was defined under COBRA as a trust…

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Distributions from Special Needs Trusts Relating to Medical Expenses

One of the most pressing needs for disabled beneficiaries is medical care. Medical Insurance It is crucial that the disabled beneficiary obtain some form of medical insurance.[1] Options include the following: Private Medical Insurance. Typically, the only source of private medical insurance at regular rates is through the parent’s coverage with the parent’s employer. Parents…

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